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PPG to cut 2,000 jobs in Europe

April 11/2012
(cen.acs) -- PPG Industries plans to cut 2,000 jobs, mostly in its European architectural coatings business. As a result, the firm will take a one-time USD208 million charge against earnings to account for the cuts and unspecified asset write-offs.

According to CEO Charles E. Bunch, the cost reductions "are needed to ensure that our cost structure is appropriate for business conditions and that all of our operations remain competitive globally."

As the cutbacks go into effect, the firm expects to save between USD40 million and USD50 million this year. When completed, the cost reductions will save the firm about USD140 million annually.

Coatings demand in Europe is "muted",  Bunch explains, and it is expected to recover slowly in the aftermath of the European debt crisis. Elsewhere, demand for automotive, aerospace, and industrial coatings is strong, he said.

Author:Anna Larionova
Category:General News
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